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Managing stakeholder expectations is a fundamental responsibility of a project manager because it directly impacts the success and acceptance of the project. Stakeholders often have varying interests, requirements, and levels of influence, and it is essential for the project manager to understand these dynamics. By managing expectations, the project manager ensures that stakeholders are kept informed about project progress, milestones, and any potential issues. This involves regular communication, setting realistic goals, and addressing concerns promptly, which fosters trust and collaboration among stakeholders. When expectations are aligned, stakeholders are more likely to support the project, which can significantly enhance the overall project outcome.

The other options, while important in their own right, do not directly relate to the project manager's primary focus on stakeholder interactions and satisfaction. Conducting market research, defining technical specifications, and training end users may be relevant to the project but are typically responsibilities assigned to specific team members or departments rather than the project manager's core duties in the context of stakeholder management.